Airline group IAG is to invest up to €200m over 5 years in high-potential companies in the areas of sustainable travel, customer experience and operations.
The move – via the group’s new IAGi Ventures subsidiary – will target early stage investments, but there will be the potential for later stage company investments too.
IAG owns Aer Lingus, British Airways, Iberia, Vueling and LEVEL.
Jorge Saco, IAG’s Chief Information, Procurement, Services and Innovation Officer, emphasised the company’s commitment to leading the airline industry in innovation. He stated: “Adopting new technologies will improve our business and the value we generate, which is why we are seeking to work with and learn from top innovators through venturing. By launching venturing, alongside our accelerator programme, we plan to work with the best start-ups and scale-ups tackling today’s challenges.”
IAG has been investing in technology-focused start-ups and scale-ups since 2017, with notable successes including Assaia, a company that specialises in optimising airport and airline operations using AI, i6, UK-based innovators using digital fuel management solutions to reduce operating costs and CO2 emissions and LanzaJet, which is developing cost-effective sustainable aviation fuel for commercial use in the UK.
IAGi Ventures will run in partnership with IAG’s accelerator programme which has been running since 2016.
